CobalTech Acquires 9 Past
Producing Mines In The Prolific Cobalt Camp,
Ontario
Toronto, ON -- February 15, 2017 -- InvestorsHub NewsWire
-- COBALTECH MINING INC. (TSX-V:
CSK) (OTC:BNCIF)
(the “Company” or “CobalTech”), is pleased to announce
that it has acquired additional strategically located properties
around its Duncan Kerr Project in the heart of the Cobalt Camp,
Ontario. This new property increases by 8-fold the total area of
prospective ground under ColbalTech’s control which now totals 264
hectares including 9 historical past producing mines.
Located in the Cobalt Camp, this new property is adjacent to the
Company’s Duncan Kerr Property (
see press release October 24,
2016). The new acquisition was host to the historic Drummond,
Conisil, Hargraves, Belmont, Silver Cross, Campbell-Crowford, Juno,
Airgiod and Silver Bird mines that had an estimated total output of
4.55 million ounces of silver and 253,000 pounds of cobalt while
all at production depths never exceeding 186m from surface*. The
Conisil mine is believed to have been one of the last mines to be
nearing production in Cobalt, before the price of silver collapsed
in the mid-eighties and the camp fell dormant. The Conisil Mine was
previously owned by Agnico-Eagle and its 1994 closure plan
mentioned cobalt mineralization of 78,966 tons @ 0.17% Co for a
total of 270,462 pounds of cobalt as well as 500,000 ounces of
silver.
The mineralized inventory is a historical estimate
as defined by National Instrument 43-101. It is important to note
that a qualified person has not done sufficient work to classify
the historical estimate as current mineral resources or mineral
reserves and the issuer is not treating the historical estimate as
current mineral resources or mineral reserves. There has been no
review of the methods and results of this historical resource
estimate by a Qualified Person.
“It is exciting to be able to acquire such quality assets with so
much potential in what is considered a mature mining camp. The
acquisition was made to build the foundation for CobalTech’s plan
to significantly expand its presence in the cobalt sector. The
company now has the necessary core properties to be able to
implement its business strategy” commented Antoine Fournier,
President and CEO.
Under the agreement of procurement CobalTech has agreed to make
payment to the vendor, 9920455 Canada Inc., of two hundred and
fifty thousand ($250,000) dollars and issue five million
(5,000,000) common shares of the company.
The supply of cobalt continues to be a source of concern with the
exponential growth of the lithium battery triggered by the green
energy sector. It is generally produced as a by-product of either
copper or nickel production and these have limited capacities to
adapt to a substantial growth in demand.
Antoine Fournier, P. Geo., M.Sc. is the Qualified Person, as
defined by National Instrument 43-101, and he has prepared and
reviewed the technical information on this press release.
* Sergiades, A.O. 1968. Silver Cobalt Calcite Vein Deposits of
Ontario; Ontario Department of Mines, Mineral Resources Circular
No. 10, 498p.
CobalTech is working toward becoming a major cobalt miner and
producer, supplying the growing North American battery market. The
Company aims to obtain 100% ownership of mineral deposits and
processing facilities, giving CobalTech the ability to deliver a
ground to market business.
Contact Person: Mr. Antoine Fournier | President & CEO
Telephone: (819) 354-5215
Email: info@cobaltechmining.com
About CobalTech
CobalTech Mining Inc. is a North American cobalt company with
assets in Ontario, Canada. The company owns the Duncan Kerr
Property located outside of Cobalt, Ontario, in an area known for
its geological setting responsible for unique mineralization
composed of quartz-carbonate veins enriched in
silver-cobalt-nickelbismuth-arsenic. The company is committed to
operating within the strict environmental, health, and safety
framework governed by the e3 Plus regulation put forth by the
Prospectors & Developers Association of Canada (PDAC).
ON BEHALF OF THE BOARD
(signed) “
Antoine Fournier”
Antoine Fournier
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Statement Regarding “Forward-Looking”
Information
Some of the statements contained in this press release are
forward-looking statements and information within the meaning of
applicable securities laws. Forward-looking statements and
information can be identified by the use of words such as "plans",
“expects”, “intends”, “is expected”, “potential”, “suggests” or
variations of such words or phrases, or statements that certain
actions, events or results “may”, “could”, “should”, “would”,
“might” or “will” be taken, occur or be achieved. Forwardlooking
statements and information are not historical facts and are subject
to a number of risks and uncertainties beyond the Company’s
control. Actual results and developments are likely to differ, and
may differ materially, from those expressed or implied by the
forward-looking statements contained in this news release.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to
update publicly or otherwise revise any forward-looking statements,
except as may be required by law.